Ziwo Holdings (I9T.SG) +2.5% at $0.410 with a heavy 13.8 million shares traded, extending gains over the last 3 sessions to 10.8% after the company late December 29 said it had obtained approval from the Singapore stock exchange to extend the deadline for the placement of new shares (in conjunction with its proposed TDR listing) to 31 January 2011. 

UOB KayHian says Ziwo’s share price “has been making equal highs and higher lows, forming a bullish ascending triangle since late-September, indicating an increasing reluctance to sell.”

 

The house says Friday’s move above prior resistance at $0.38, with a corresponding spike in volume confirming the breakout. Adds, “the directional indicators (DIs) are positively placed with the ADX (average directional index, an indicator of trend strength) turning upwards, while RSI made a three-month high.” 

 

Expects resistance at $0.45, with support at $0.380.